Needham & Company LLC Increases SMART Global (NASDAQ:SGH) Price Target to $27.00

SMART Global (NASDAQ:SGH) had its price objective upped by Needham & Company LLC from $24.00 to $27.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 38.89% from the company’s previous close.

SMART Global Price Performance

SGH stock opened at $19.44 on Wednesday. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.68 and a quick ratio of 2.11. The business has a 50 day simple moving average of $22.99 and a 200-day simple moving average of $20.05. The firm has a market capitalization of $1.01 billion, a PE ratio of -4.90 and a beta of 1.74. SMART Global has a 1 year low of $12.66 and a 1 year high of $29.99.

SMART Global (NASDAQ:SGH) last posted its quarterly earnings results on Tuesday, January 9th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.08. The business had revenue of $274.25 million during the quarter, compared to analyst estimates of $275.00 million. SMART Global had a positive return on equity of 20.15% and a negative net margin of 15.14%. The business’s revenue was down 30.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 earnings per share. Equities research analysts anticipate that SMART Global will post 0.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mark Adams purchased 10,000 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were bought at an average cost of $18.79 per share, for a total transaction of $187,900.00. Following the completion of the purchase, the chief executive officer now directly owns 29,640 shares of the company’s stock, valued at $556,935.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SMART Global news, COO Jack A. Pacheco sold 2,500 shares of the company’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $22.52, for a total transaction of $56,300.00. Following the transaction, the chief operating officer now directly owns 220,007 shares in the company, valued at $4,954,557.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark Adams acquired 10,000 shares of SMART Global stock in a transaction dated Thursday, April 11th. The stock was bought at an average price of $18.79 per share, for a total transaction of $187,900.00. Following the completion of the purchase, the chief executive officer now owns 29,640 shares of the company’s stock, valued at approximately $556,935.60. The disclosure for this purchase can be found here. Over the last three months, insiders sold 7,428 shares of company stock worth $167,147. Company insiders own 2.30% of the company’s stock.

Institutional Trading of SMART Global

Several hedge funds have recently modified their holdings of SGH. Public Employees Retirement System of Ohio raised its stake in shares of SMART Global by 65.4% in the third quarter. Public Employees Retirement System of Ohio now owns 1,621 shares of the company’s stock valued at $26,000 after acquiring an additional 641 shares in the last quarter. Point72 Middle East FZE acquired a new stake in shares of SMART Global in the fourth quarter valued at $32,000. GAMMA Investing LLC raised its stake in shares of SMART Global by 42.9% in the first quarter. GAMMA Investing LLC now owns 1,563 shares of the company’s stock valued at $41,000 after acquiring an additional 469 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of SMART Global by 42.2% in the second quarter. Captrust Financial Advisors now owns 2,849 shares of the company’s stock valued at $47,000 after acquiring an additional 846 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of SMART Global by 93.8% in the third quarter. Tower Research Capital LLC TRC now owns 3,434 shares of the company’s stock valued at $55,000 after acquiring an additional 1,662 shares in the last quarter.

SMART Global Company Profile

SMART Global Holdings, Inc, a memory-focused company, engages in the designing and development of enterprise solutions in the United States, China, Europe, and internationally. It operates through Memory Solutions, Intelligent Platform Solutions, and LED Solutions segments. The company offers dynamic random access memory modules, solid-state and flash storage, and other advanced memory solutions for networking and telecom, data analytics, artificial intelligence and machine learning applications; and supply chain services including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging services.